MUA Ltd, a Mauritius based insurance company has acquired Kenyan based Saham Assurance for US$11.4-million after approvals from the Kenyan regulatory authorities, the COMESA Competition Commission and the South African Reserve Bank. The acquisition will further expand the Mauritius based company that began its expansion in 2014 into the East African market after acquiring Phoenix TransAfrica Holdings (a company with a presence in Kenya, Tanzania, Uganda and Rwanda). Saham Assurance (Kenya) has market share of 1.54% in Kenya and collects 1.62-billion Kenyan shillings in insurance premiums.
MUA Ltd operates within the financial services industry specialising in insurance, corporate pension schemes, investments and loans for both individuals and corporates. The company was established in 1948 and has been listed on the Mauritius Stock Exchange since 1993. MUA Ltd also holds local and foreign subsidiaries that are specialised in financial services.